OTP Bank Advances as Japan Extends Asset Buys: Budapest Mover
OTP advanced 0.3 percent to 3,992 forint by 12:02 p.m. in Budapest, reducing this week’s loss to 2.4 percent. The BUX stock index rose 0.3 percent to 18,935.57, heading for the highest close this week. Mol Nyrt., the country’s biggest refiner, rose 0.3 percent after the country’s largest refiner opened order books for the sale of a dollar-denominated corporate bond.
Commodities advanced for the first time in three days and the yen weakened after the Bank of Japan unexpectedly boosted its asset-purchase program. European shares were little changed, while gold climbed to a six-month high and Spain’s bonds rallied.
“The extended bond purchase program announced this morning by the Bank of Japan may bring about only temporary optimism on markets,” Budapest-based traders at Commerzbank AG, led by Peter Karsai, wrote in a note today.
The BOJ’s board enlarged the central bank’s easing program, in which it buys mainly government debt, by 10 trillion yen ($126 billion) to 55 trillion yen in a unanimous decision, according to a statement. The board left unchanged a separate facility that extends credit to banks at 25 trillion yen.
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